MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	ILJIN GLOBAL CO., LTD.
Formerly Known As :	ILJIN BLOXWICH CO., LTD.
Registered Office :	527, Samseong-ro, Gangnam-gu, Seoul, Korea, 3rd Fl., Iljin Global, 135-875
Country :	Korea (South)
Financials (as on) :	31.12.2013
Date of Incorporation :	18.01.1978
Com. Reg. No.:	120-81-56302
Legal Form :	Co., Ltd. by shares
Line of Business :	Manufacture of Parts and Accessories for Motor Engines
No of Employees :	551

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Korea (South)	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

Korea (south) - ECONOMIC OVERVIEW

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

Source : CIA

Basic Information

Basic

Company Name	ILJIN GLOBAL CO., LTD. (Korean Company Name : “(주)일진글로벌”)
Registered Address	527, Samseong-ro, Gangnam-gu, Seoul, Korea
Building	3rd Fl., Iljin Global
Zip Code	135-875
Tel	+82-2-553-1795
Fax	+82-2-553-1799
E-mail	rdctr@iljin.com;ijcar@iljin.com
Website	www.iljin.com
Trading Address	3rd Fl., Iljin Global, 527, Samseong-ro, Gangnam-gu, Seoul, Korea (Old Address System : 3rd Fl., Iljin Global, 128-5, Samseong 2-dong, Gangnam-gu, Seoul, Korea)
Tel	+82-2-553-1795
Fax	+82-2-553-1799
Other Address-Jaechun Factory	603, Myeongdo-ri, Bongyang-eup, Jecheon-si, Chungcheongbuk-do, Korea
Tel	+82-43-640-8500
Fax	+82-43-640-8889
Other Address-Youngwal Factory	1137, Ma cha ri Buk-myun, Young Wal-gun, Korea
Tel	+82-33-372-9850
Fax	+82-33-372-9849
Other Address	575, Ban-gu-ri, Jangsu-myeon, Yeongju-si, Gyeongsangbuk-do, Korea
Other Address	16, Bio valley 1-ro, Jecheon-si, Chungcheongbuk-do, Korea
Type	Export/Import
Industry	Manufacture of Parts and Accessories for Motor Engines
Main Business	Wheel Bearing, Ring Gear, Stamping Parts
Sub Business	Sale of Motor Vehicle Upholstery, Parts and Accessories
Established (mm/dd/yyyy)	01/18/1978

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Bearings(31171500)
Sell	Ring gears(31171711)
Sell	Hinges(31162403)
Sell	Forgings(31130000)
Sell	Suspension system components(25172000)
Sell	Flexible intermediate bulk containers(24111505)
Buy	Steel(11101704)
Buy	Base Metals(11101700)

CEO’s

Name	Lee Sang-Il
Address	128-5, Samseong-dong, Gangnam-gu, Seoul, Korea
Date of Birth	06/10/1938
Title	Chairman & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

3,000,000,000

Employees

551

Formation

Co., Ltd. by shares

A Company of ILJIN GROUP

Bank Details

Hana Bank- Samsung Station Branch

Korea Exchange Bank

Corporate Registered No.

110111-0224165

Business Registered No.

120-81-56302

Permit & Licenses

2002 Achieved ISO 14000

1998 Achieved QS 9000 from U.L. in U.S.A.

1997 Achieved ISO 9001

Shareholder Position

Name	Shares	%
LEE SANG-IL & HIS FAMILY(2)	300,000	100.00
TOTAL	300,000	100.00

Company History

01/18/1978 Incorporated as ILJIN SANGSA CO., LTD.

06/23/1995 Increased capital to 3,000,000,000 KRW from 1,000,000,000 KRW

01/24/1998 Changed company name to ILJIN BLOXWICH CO., LTD.

02/06/2002 Changed company name to the present name

04/30/2002 Acquired YONGGANG CO., LTD.

06/30/2011 Acquired YOUNGWORLD CO., LTD.

Detailed Information

Management

Job Description	Title	Name	Sex	Nationality	Inauguration Date
Chairman & CEO	Mr.	Lee Sang-Il	Male	Korean	06/20/2007
Co-President & CEO	Mr.	Park In-Bae	Male	Korean	02/28/2012
Co-President & CEO	Mr.	Lee Dong-Sub	Male	Korean	12/24/2013
Director	Mr.	Choi Seung-Hee	Male	Korean	02/28/2012
Director	Mr.	Jung Dae-Young	Male	Korean	02/28/2013
Director	Mr.	Park Hyung-Man	Male	Korean	02/28/2013
Director	M/S.	Lee Yoon-Joo	Female	Korean	02/28/2013
Director	Mr.	Park Joong-Yang	Male	Korean	02/28/2013
Director	Mr.	Kim Tae-Hyung	Male	Korean	02/28/2013
Auditor	M/S.	Park Duck-Soon	Female	Korean	03/05/1996

Financials

Year / Unit : KRW	Sales	Assets	Net Income
2013	589,774,580,078	778,461,302,221	127,768,003,089
2012	491,991,348,184	579,457,453,470	61,775,325,718
2011	511,336,272,268	550,546,711,591	76,283,357,359
2010	432,224,185,976	405,730,470,388	74,685,530,439
2009	318,386,443,619	322,127,139,139	38,041,436,566

Financial Description

Authorized Capital(KRW)	4,000,000,000
Paid-Up Capital(KRW)	3,000,000,000
Total Issued Shares	300,000

Balance Sheet
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Total Assets	778,461,302,221	579,457,453,470	550,546,711,591
Current Assets	431,510,498,408	258,997,074,386	253,601,003,023
-Quick Assets	336,383,818,716	167,549,821,355	170,465,625,083
-Inventories	95,126,679,692	91,447,253,031	83,135,377,940
Fixed Assets	346,950,803,813	320,460,379,084	296,945,708,568
-Investment	165,070,959,057	114,859,751,597	109,590,440,452
-Tangibles	175,894,514,298	186,282,108,386	175,816,145,788
-Intangibles
-Others	5,985,330,458	19,318,519,101	11,539,122,328
Total Liabilities	178,524,370,636	77,051,793,290	148,929,708,311
Current Liabilities	160,575,366,537	57,685,669,084	116,013,039,083
Fixed Liabilities	17,949,004,099	19,366,124,206	32,916,669,228
Capital Stock	3,000,000,000	3,000,000,000	3,000,000,000
Capital Surplus	71,033,651	71,033,651	71,033,651
Profit Surplus	597,866,670,903	473,098,667,814	414,323,342,096
Others	-1,000,772,969	26,235,958,715	-15,777,372,467
Total Equity	599,936,931,585	502,405,660,180	401,617,003,280
Liab. & Shareholder’s Equity	778,461,302,221	579,457,453,470	550,546,711,591

Current Liabilities	160,575,366,537	57,685,669,084	116,013,039,083
Trade Payables	36,006,068,113	26,651,957,522	27,088,589,013
Short-Term Borrowings	95,149,504,804	-	49,100,000,000
Account Payables	1,695,238,700	7,109,529,763	9,355,995,515
Withholdings	163,714,640	260,365,649	232,401,970
Accrued Expenses	4,771,050,794	3,940,001,741	3,284,640,619
Advance Receipts	3,935,660,726	9,827,755,637	863,900,994
Deferred Income Tax Credit	18,854,128,760	9,896,058,772	10,666,518,414
Derivatives			15,420,992,558
Fixed Liabilities	17,949,004,099	19,366,124,206	32,916,669,228
Leasehold Deposit Received	911,600,000	911,600,000	761,600,000
Long-Term Account Payables			2,720,032,200
Provision for Sales Guarantee	4,727,416,123	4,918,735,726	5,069,056,766
Provision for Severance & Retirement	10,167,775,710	8,705,488,043	7,859,194,477
Derivatives	2,511,983,766	912,015,994	17,022,555,636
Non-Current Portion of Deferred Income Tax Credit	-	4,304,344,888	-

Income Statement
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Sales	589,774,580,078	491,991,348,184	511,336,272,268
Cost of Sold Goods	449,757,248,582	389,110,913,234	398,912,795,842
Gross Profit	140,017,331,496	102,880,434,950	112,423,476,426
Selling & Admin. Expenses	41,673,260,716	35,008,805,853	38,260,942,510
Operating Income	98,344,070,780	67,871,629,097	74,162,533,916
Non-Operating Income	91,152,005,727	46,440,624,714	53,012,204,749
Non-Operating Expenses	35,361,191,652	36,257,847,491	33,166,229,092
Income Before Taxes	154,134,884,855	78,054,406,320	94,008,509,573
Income Taxes Expenses	26,366,881,766	16,279,080,602	17,725,152,214
Net Income	127,768,003,089	61,775,325,718	76,283,357,359

Cash Flows
Unit : Korean Won	As of 12/31/2013	As of 12/31/2012	As of 12/31/2011
Cash Flows from Operating	98,580,156,822	117,953,762,910	39,391,498,570
-Net Income	127,768,003,089	61,775,325,718	76,283,357,359
-Exp. without Cash Outflow	46,302,337,155	58,140,728,879	44,049,141,901
-Revenue without Cash Inflows	-57,918,014,336	-26,871,060,342	-35,052,690,855
-Changes in Asset/ & Liability	-17,572,169,086	24,908,768,655	-45,888,309,835
Cash Flows from Investing	-125,057,461,723	-47,571,455,658	-66,224,691,853
-Cash Inflow from Investing	5,593,348,951	26,317,524,053	10,619,247,391
-Cash Outflows for Investing	-130,650,810,674	-73,888,979,711	-76,843,939,244
Cash Flows from Financing	96,810,000,000	-52,100,000,000	-6,329,847,798
-Cash Inflows from Financing	99,810,000,000	161,400,000,983	-
-Cash Outflows from Financing	-3,000,000,000	-213,500,000,983	-6,329,847,798
Increase/Decrease in Cash	70,332,695,099	18,282,307,252	-32,427,093,821
Cash at the Beginning of Year	18,719,937,677	437,630,425	32,864,724,246
Cash at the End of Year	89,052,632,776	18,719,937,677	437,630,425

Products, Technologies, Services Description

Main Products & Services	Motor Vehicle Upholstery, Parts and Accessories - Flexible intermediate bulk containers - Crom-molybdenum - Door Hinge - Suspension Steering - Forging - Ring gears - Steel - Bearings
Detailed Products Spec.
Technologies Acquired

Trade Partners & Competitors

Suppliers
Customers	HYUNDAI MOTOR COMPANY ADDRESS: 231, YANGJAE-DONG, SEOCHO-GU, SEOUL 137-130 KOREA TEL: 82-2-3464-1114 FAX: 82-2-3464-3469 INDUSTRY: MANUFACTURE OF PASSENGER MOTOR VEHICLES KIA MOTOR COMPANY ADDRESS: 231, YANGJAE-DONG, SEOCHO-GU, SEOUL 137-130 KOREA TEL: 82-2-3464-1114 FAX: 82-2-3464-6800 INDUSTRY: MANUFACTURE OF PASSENGER MOTOR VEHICLES GM DAEWOO AUTO & TECHNOLOGY COMPANY ADDRESS: 199-1, CHEONGCHEON-DONG, BUPYEONG-GU, INCHEON 403-030 KOREA TEL: 82-32-520-2114 FAX: 82-32-520-4658 INDUSTRY: MANUFACTURE OF PASSENGER MOTOR VEHICLES SSANGYONG MOTOR COMPANY ADDRESS: 150-3, CHILGOE-DONG, PYEONGTAEK-SI, GYEONGGI-DO 459-050 KOREA TEL: 82-31-610-1114 FAX: 82-31-610-3700 INDUSTRY: MANUFACTURE OF PASSENGER MOTOR VEHICLES OVERSEAS CUSTOMERS - JAPAN (MITSUBISHI, SUZUKI, ISUZU AND KOYO SEIKO) - AUSTRALIA (BTR AUTOMOTIVE, GM HOLDEN, FORD MOTOR COMPANY AND DANA CORPORATION) - SINGAPORE (MERITOR) - GERMANY (FAG) - U.S.A (DANA CORPORATION, VISTEON, ZF LEMFORDER, FEDERAL MOGUL CORPORATION, KOYO SEIKO, DAIMLERCHRYSLER, NEW VENTURE GEAR, TIMKEN, POWERS & SONS AND ALLISON TRANSMISSION)
Competitors

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates	ILJIN BEARING CO., LTD.(171211-0000651) ILJIN CORPORATION(171211-0001485) BEARING ART CORP.(171211-0064110) ILJIN SLOVAKIA. S.R.O ILJIN AUTOMOTIVE PRIVATE LIMITED B1&B2 SIPCOT, INDUSTRIAL PARK,IRRUNGATTUKOTTAL SRIPERUMBUDUR T.K. KANCHEEPURAM DIST, CHENNAL T.N.:-602 105, INDIA TEL: 91-98410-48882~3 FAX: 91-4111-25-6021, 6030 BEIJING ILJIN AUTOMOTIVE SYSTEMS CO., LTD. XINGGUKAIFAGU GUANLI WEIYLLANHUI, PINGGU, BEIJING CHINA TEL: 86-10-6995-0789 FAX: 86-10-6995-0689
Subsidiary	ILJIN USA CORP. (100% held by the subject company) 28055, HAGGERTY RD, NOVI, MI 48377-2902 TEL: 1-248-848-1020(248) FAX: 1-248-842-0566 Tianjin ILJIN AUTOMOTIVE SYSTEMS CO., LTD. (100% held by the subject company) ILJIN AUSTRALIA PTY LTD. (100% held by the subject company) LOT2 112-116 LAMBECK DRIVE, TULLAMARINE VIC 3043 TEL: 61-03-9310-4111 FAX: 61-03-9799-2544 ILJIN ALABAMA CORP (100% held by the subject company) ILJIN GMBH (100% held by the subject company)
Cooperative Enterprise	-Insured Company HYUNDAI MARINE & FIRE INSURANCE CO., LTD.(110111-0035893)

Sales by Region (Activity & Markets)

The Subject exports to Japan, Singapore, Australia, Germany and USA.

Court Action

No.

News Clipping

--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	SMN

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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